# How Netflix, JustEat and Uber raised the bar for the payments experience Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-11-08 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Driving Efficiency in the Instant Economy: The Importance Meta Description: Discover how fast payments can revolutionise customer experience and drive business growth in the Instant Economy. Don't get left behind! URL: https://financedigest.com/how-netflix-justeat-and-uber-raised-the-bar-for-the-payments-experiencehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/portrait-of-a-serious-bearded-man-in-eyeglasses-holding-credit-cards-and-looking-at-ca-sbi-302895189-1736837465597-compressed.jpg) _By_ **_Gavin Waddell,_** _Director of Strategic Accounts at Modulr_ We’re a society fed on instant access – where you can now get the slickest of digital experiences at any time, anywhere. And as more and more recognise this as fact, it has become ingrained as a societal norm. If, as a firm, you want to be taken seriously, [customer experience](https://www.financedigest.com/is-your-customer-experience-exceptional.html "IS YOUR CUSTOMER EXPERIENCE EXCEPTIONAL?") has to be impeccable. Those companies that slip up face a very real risk of losing customers and [falling behind](https://www.financedigest.com/behind-ftxs-fall-battling-billionaires-and-a-failed-bid-to-save-crypto.html "Behind FTX’s fall, battling billionaires and a failed bid to save crypto") in the market. But there is so much more beneath the surface that goes into wiring these services than [meets the eye – customer](https://www.financedigest.com/stay-ahead-of-the-curve-and-meet-your-customers-payments-needs.html "STAY AHEAD OF THE CURVE AND MEET YOUR CUSTOMERS PAYMENTS NEEDS") experience is just the tip of a very deep iceberg. Below are layers and layers of infrastructure [working together](https://www.financedigest.com/alone-together-how-to-maintain-a-positive-company-culture-while-working-remotely.html "Alone together: How to maintain a positive company culture while working remotely") to make things happen, instantly. It’s instant [experiences by instant services](https://www.financedigest.com/video-collaboration-is-pushing-the-boundaries-of-the-customer-experience-in-financial-services.html "Video Collaboration is pushing the boundaries of the customer experience in Financial Services") and instant information, that we call the Instant Economy. **[Payments in the Instant](https://www.financedigest.com/5-ways-to-maximise-the-value-of-instant-payments.html "5 ways to maximise the value of instant payments") Economy** A huge part of what makes the Instant [Economy instant is fast payments](https://www.financedigest.com/ukraine-seeks-debt-payment-freeze-as-war-ravages-economy.html "Ukraine seeks debt payment freeze as war ravages economy"). [Customers from all industries have now come to expect the ability to seamlessly pay](https://www.financedigest.com/shell-energy-to-pay-for-overcharging-price-cap-customers-ofgem.html "Shell Energy to pay for overcharging price cap customers -Ofgem") for things as a given. And as demand is here, it isn’t going away. It also isn’t strictly restricted to the younger generations, according to [new research](https://www.modulrfinance.com/resource-centre) which delves into consumer attitudes towards payment experiences. Almost two thirds (65%) of over-65s that use online banking are also open to using new financial services or [payment methods that make processes](https://www.financedigest.com/are-your-payment-processes-in-cheque-for-the-new-legislation.html "ARE YOUR PAYMENT PROCESSES IN CHEQUE FOR THE NEW LEGISLATION?") quicker and more convenient. A figure ratified by the fact that nearly three-quarters (74%) of the same over-65s say they prefer to use [bank transfer and payment](https://www.financedigest.com/crown-agents-bank-owner-explores-sale-of-british-payments-group-sources.html "Crown Agents Bank owner explores sale of British payments group –sources") apps to make instant payments to friends and family. But many [businesses aren’t making the most of this opportunity and are falling](https://www.financedigest.com/julius-baer-2022-profits-fall-as-it-hits-business-cycle-targets.html "Julius Baer 2022 profits fall as it hits business cycle targets") victim to outdated, inefficient payments infrastructures that require manual processes and complex and slow payment flows. Past r [esearch](https://landing.modulrfinance.com/customer-experience-hidden-cost-research) has shown just how critical payments infrastructure is for customer experience. Poor [payment processes cost businesses](https://www.financedigest.com/technology-is-a-tonic-for-late-business-payments.html "TECHNOLOGY IS A TONIC FOR LATE BUSINESS PAYMENTS") a staggering £1.5m per year on average, and 64% expect these costs to increase over the next two years. Additionally, [62% of payment professionals](https://landing.modulrfinance.com/customer-experience-hidden-cost-research) now believe that the hidden costs of these payment processes outweigh the hard costs. To survive in the Instant Economy, it is [vital businesses](https://www.financedigest.com/acca-sets-out-magnificent-seven-attributes-vital-to-success-in-modern-business.html "ACCA Sets Out ‘Magnificent Seven’ Attributes Vital to Success in Modern Business") address these issues, and account for all customers in their customer experience strategies, and quickly. If they are to match the Netflixication of payments, [payment processes must be seamless and enhance rather than detract from the customer](https://www.financedigest.com/2019-year-customers-take-control-payments.html "2019: The year customers take control of payments") experience. **[Tackle payment](https://www.financedigest.com/how-biometric-payments-are-tackling-financial-exclusion.html "How Biometric Payments Are Tackling Financial Exclusion") troubles** As a first port of call, organisations should locate hidden payments inefficiencies. There are a number of ways to do this, but the most effective is by looking at [processes from the perspective of the customer](https://www.financedigest.com/what-are-the-main-challenges-related-to-banks-processing-customer-calls.html "What are the main challenges related to banks processing customer calls? "). For instance, take moving from batch-based payment processing, to single, immediate [Faster Payments](https://www.financedigest.com/how-to-bring-immediacy-back-to-the-supply-chain-with-faster-payments.html "How to Bring Immediacy Back to the Supply Chain With Faster Payments") for loan disbursements, with instant notifications. As a customer, the positive impact of this change is tangible and greatly [enhances their end experience](https://www.financedigest.com/enhancing-the-guest-experience-in-hospitality.html "Enhancing the guest experience in hospitality"). If [businesses are to implement changes](https://www.financedigest.com/business-is-changing-is-your-culture-changing-with-it.html "Business is changing – is your culture changing with it?") such as this, adopting, supporting and harnessing innovation is vital. Ultimately, automation is [key to driving efficiency](https://www.financedigest.com/1-easy-tip-to-make-a-key-e-commerce-process-more-efficient.html "1 easy tip to make a key e-commerce process more efficient") as it replaces manual, error-prone and time-consuming systems with faster and more responsive digital solutions. A solid API framework, added into an organisation’s payments architecture, can not only enable these changes but also have a positive [impact on the customer experience](https://www.financedigest.com/how-will-open-banking-impact-the-customer-experience.html "How will Open Banking impact the customer experience?"). **[Meet customer](https://www.financedigest.com/meeting-both-operational-and-customer-demands-how-insurance-can-adapt-in-a-disrupted-world.html "Meeting both operational and customer demands – how insurance can adapt in a disrupted world") expectations** A small change to the [payments infrastructure can make a world](https://www.financedigest.com/around-the-world-in-mobile-payments.html "Around the world in mobile payments") of difference to the customer experience. And enable organisations to [keep up in the Instant Economy](https://www.financedigest.com/thomson-reuters-keeps-outlook-but-wary-of-slowing-economy.html "Thomson Reuters keeps outlook, but wary of slowing economy") and feed the growing demand for fast, frictionless services. The Netflixication of payments is just the beginning and it’s an area where competition will [drive innovation](https://www.financedigest.com/cyclic-innovation-to-drive-the-animal-parasiticide-market.html "Cyclic innovation to drive the Animal Parasiticide Market"). It’s vital that [business leaders](https://www.financedigest.com/how-leaders-can-develop-their-business-intuition.html "How Leaders Can Develop Their Business Intuition") recognise this if they are to not only survive but thrive in the Instant Economy. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---